What do you mean by 'Excluded Debt'?
CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2021
What do you mean by 'Excluded Debt'?
Answer & Explanation:
According to Section 79(15) of the Insolvency and Bankruptcy Code, 2016, an "Excluded debt" means- liability to pay fine imposed by a court or tribunal; liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other legal obligation; liability to pay maintenance to any person under any law for the time being in force; liability in relation to a student loan; and any other debt as may be prescribed.
Topics: Insolvency and Bankruptcy Code, 2016
Related Questions in this Topic
- Prabhu Polyesters Ltd. is undergoing Corporate Insolvency Resolution Process as per Insolvency and Bankruptcy Code, 2016...
- Section 81 of the IBC 2016 provides for the imposition of an interim moratorium. The purpose of the interim moratorium i...
- What are the duties of resolution professional before initiation of pre-packaged insolvency resolution process ?
- A director of a company in CIRP had moved the Hon'ble NCLT, Mumbai Bench, seeking the right to participate in the meetin...
- "One of the main functions of the committee of creditors (constituted by the Interim Resolution Professional under secti...